Brazil's CSN concludes steel can asset offload

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Thursday, December 1, 2016

Brazilian steelmaker CSN announced it has concluded the sale of 100% of steel beverage can producer Metalic in a 373mn-real (US$107mn) deal.

The buyer is Poland's Can-Pack, a metal packaging producer serving the food, beverage and chemical industries.

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Banks Bradesco BBI and Banco do Brasil acted as financial advisors for the transaction, CSN said in a regulatory filing.

Metalic, which has a factory in the industrial district of Maracanaú in Ceará state, was founded in 1996 and had been controlled by CSN since 2002. Metalic accounts for 4% of steel cans produced in Brazil.

Can-Pack was founded in 1992 and supplies companies in Europe, Asia and Africa.